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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
|
3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
|
3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
|---|
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S&P U.S. Preferred Stock Index
|
848.03 |
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S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
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S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
|---|
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Leader of the Pack: Tax-frees municipal bonds outperform |
REUTERS - June 20, 2011 (Reporting by Chip Barnett; Editing by Jan Paschal)
(Reuters) - Municipal bonds are leading other asset classes in performance so far this month, according to a Bank of America Merrill Lynch Global Research report released on Monday.
The investment bank's U.S. Municipal Master Index also found growing demand for lower-rated munis.
"We think the outperformance of BBB-rated munis and long-term munis for the month can be partly attributable to a desire on the part of investors to reach out to the BBB sector and long-term bonds for yield," BofA said in the report.
Munis returned 0.532 percent in the first half of June compared with 0.456 percent for U.S. Treasuries and 0.044 percent for corporates, BofA said.
The longer end of the muni curve, 22 years and longer, was the best performer among munis in June, returning 0.952 percent, according to BofA.
By rating, BofA said the BBB-rated category has had the best total return for June, at 1.087 percent.
For the year, the best performance in munis came in the 12- to 22-year part of the curve and in A-rated credits.
"All these doubts about default and bankruptcies have eased, with both running much lower than last year," said John Hallacy, Merrill Lynch's municipal research strategist in the report. "Investors, in time of volatility, are looking for stability."
Taxable Build America Bonds have returned 10.4 percent so far in 2011, which is partly attributable to their scarcity and longer average maturities, BofA said.
The popular BABs program, which gave issuers a 35 percent rebate on bond interest costs, expired at the end of 2010.
"Supply is lighter than last year," Hallacy said, but added that large amounts of rollover cash will be coming due.
In the same report, BofA reported that New York has surpassed California in new muni issuance so far in 2011.
New York issuers have sold about $11.4 billion of bonds, or 11.9 percent of total muni issuance, compared with 8.7 percent last year.
For the complete article.
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